Economy Recovers from the Shutdown – But a Quick Return to Pre-crisis Normality is Unlikely

The German economy has bounced back strongly over the summer, recovering a considerable part of the production slump caused by the shutdown in spring. Nevertheless, real gross domestic product in 2020 is likely to contract by 5.7%. In 2021, growth is expected to average 3.2% according to IWH autumn economic forecast.

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IWH Bankruptcy Update: Bankruptcies hit new low

Considerably faster than the official statistics, the IWH Bankruptcy Update provides a monthly update on corporate bankruptcy. The number of bankruptcies sinks to a new low in August, and markedly fewer employees are subject to employer bankruptcies in Germany.

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IWH issues warning of a new banking crisis

The coronavirus recession could mean the end for dozens of banks across Germany – even if Germany survives the economic crisis relatively unscathed. IWH President Reint Gropp warns of a potentially high additional burden for the already weakened real economy.

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IWH hosts award-winning US economist

The renowned Max Planck-Humboldt Research Award 2019 goes to Ufuk Akcigit, Professor of Economics at the University of Chicago. At the IWH, Akcigit aims to use innovative methods to investigate why the economy in eastern Germany is still lagging behind that in western Germany – and what role the privatisation process 30 years ago played in this.

Read more

United by Inequality

How is Germany’s economy faring 30 years after the reunification? An IWH publication analyses how the country’s unification has progressed. The study presents many new findings, including on productivity differences between east and west, urban and rural development, as well as the availability of skilled labour.

Read More

IWH leads large scale EU project on productivity

Is productivity growth slowing in industrialised countries? And if so, why? From the start of 2019, the IWH will be addressing these decisive questions as the leading coordinator of a new European research collaboration: MICROPROD is the largest EU project in the history of the institute.

Read More

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100 years of works councils

5
percent

During the period 1994 to 2009, similar workers earned about 5 percent higher wages in works council firms than in firms without a works council.

Read more (German): Zwischenbetriebliche Lohnunterschiede, Mitbestimmung und Tarifverträge

Press Releases

16.09.2020 • 18/2020

Economy recovers from the shutdown – but a quick return to pre-crisis normality is unlikely

Abstract

The German economy has bounced back strongly over the summer, recovering a considerable part of the production slump caused by the shutdown in spring. Nevertheless, real gross domestic product in 2020 is likely to contract by 5.7%. In 2021, growth is expected to average 3.2% according to IWH autumn economic forecast. The decline in production in 2020 is likely to be less pronounced in East Germany com¬pared to Germany as a whole.

Read press release

07.09.2020 • 17/2020

IWH Bankruptcy Update: Bankruptcies Hit New Low; New Outlook Feature

Professor Dr Steffen Müller
Abstract

The number of companies reporting bankruptcy in Germany sank to a new low in August. Associated job losses also declined noticeably, following marked increases in prior months. Published by the Halle Institute for Economic Research, the IWH Bankruptcy Update provides monthly statistics on corporate bankruptcies in Germany. Starting this month, the update will also feature a two-month outlook.

Read press release

18.08.2020 • 16/2020

IWH-Gutachten: Regionalförderung wirkt, sollte aber weiter verbessert werden

Abstract

Deutschlands wichtigstes Instrument der Regionalpolitik fördert Arbeitsplätze, erhöht Betriebsumsätze und moderat auch die Löhne; es hat jedoch keine positiven Effekte auf die Produktivität. Das zeigt ein Gutachten zur Wirkung der Bund-Länder-Gemeinschaftsaufgabe „Verbesserung der regionalen Wirtschaftsstruktur“ (GRW), verfasst vom Leibniz-Institut für Wirtschaftsforschung Halle (IWH). Daher empfehlen die Ökonomen, die Förderziele stärker auf die Produktivität auszurichten, denn nur so kann das Förderziel, dass die geförderten Regionen wirtschaftlich aufholen, erreicht werden.

Read press release

06.08.2020 • 15/2020

IWH Bankruptcy Update: Number of Employees Affected by Bankruptcy Continues to Rise in Germany

Professor Dr Steffen Müller
Abstract

In July, more than three times as many jobs were impacted by corporate bankruptcies in Germany in comparison to the monthly averages from early 2020. The July figure was also significantly higher in relation to the previous month. By contrast, the number of bankruptcies fell slightly. These are the main findings of the most recent IWH Bankruptcy Update published by the Halle Institute for Economic Research (IWH), which provides monthly reports on German bankruptcies.

Read press release
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Facts and Figures

Current Publications

cover_ReviewOfEconomicDynamics_January_2020.png

Involuntary Unemployment and the Business Cycle

Lawrence J. Christiano Mathias Trabandt Karl Walentin

in: Review of Economic Dynamics, forthcoming

Abstract

Can a model with limited labor market insurance explain standard macro and labor market data jointly? We construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the business cycle. To illustrate key features of our model, we start with the simplest possible framework. We then integrate the model into a medium-sized DSGE model and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to these three shocks.

read publication
cover_regional-studies.jpg

The Regional Effects of Professional Sports Franchises – Causal Evidence from Four European Football Leagues

Matthias Brachert

in: Regional Studies, forthcoming

Abstract

We use the locational pattern of clubs in four major professional football leagues in Europe to test the causal effect of changes in premier league membership on regional employment and output growth at the NUTS 3 level. We rely on the relegation mode of the classical round-robin tournament in the European model of sport to develop a regression-discontinuity design. The results indicate small and significant negative short-term effects on regional employment and output in the sports-related economic sector when clubs are relegated from the premier division of the respective football league. In addition, we find small negative effects on overall regional employment growth. However, total regional gross value added remains unaffected, indicating that in the main it is the less productive jobs that disappear in the short-term.

read publication
cover_the-economic-journal.jpg

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication
cover_industrial-and-labor-relations-review.png

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication
cover_economics-of-transition.jpg

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication
cover_financial-markets-institutions-_-instruments.gif

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time-varying sensitivity of the bank’s equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market-wide effect. More specifically, shocks to the long-term (level) and short-term (slope) factors have a statistically significant impact on equity returns, while those on the medium-term (curvature) factor are less clear-cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and postcrisis periods compared to the pre-crisis period; though these sensitivities do not differ for market-oriented and bank-oriented financial systems.

read publication
cover_the-review-of-corporate-finance-studies.png

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication
cover_journal-of-international-money-and-finance.png

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication
cover_The-North-American-Journal-of-Economics-and-Finance.gif

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication
cover_journal-of-management.png

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.

read publication
cover_ReviewOfEconomicDynamics_January_2020.png

Involuntary Unemployment and the Business Cycle

Lawrence J. Christiano Mathias Trabandt Karl Walentin

in: Review of Economic Dynamics, forthcoming

Abstract

Can a model with limited labor market insurance explain standard macro and labor market data jointly? We construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the business cycle. To illustrate key features of our model, we start with the simplest possible framework. We then integrate the model into a medium-sized DSGE model and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to these three shocks.

read publication
cover_regional-studies.jpg

The Regional Effects of Professional Sports Franchises – Causal Evidence from Four European Football Leagues

Matthias Brachert

in: Regional Studies, forthcoming

Abstract

We use the locational pattern of clubs in four major professional football leagues in Europe to test the causal effect of changes in premier league membership on regional employment and output growth at the NUTS 3 level. We rely on the relegation mode of the classical round-robin tournament in the European model of sport to develop a regression-discontinuity design. The results indicate small and significant negative short-term effects on regional employment and output in the sports-related economic sector when clubs are relegated from the premier division of the respective football league. In addition, we find small negative effects on overall regional employment growth. However, total regional gross value added remains unaffected, indicating that in the main it is the less productive jobs that disappear in the short-term.

read publication
cover_the-economic-journal.jpg

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication
cover_industrial-and-labor-relations-review.png

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication
cover_economics-of-transition.jpg

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication
cover_financial-markets-institutions-_-instruments.gif

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time-varying sensitivity of the bank’s equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market-wide effect. More specifically, shocks to the long-term (level) and short-term (slope) factors have a statistically significant impact on equity returns, while those on the medium-term (curvature) factor are less clear-cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and postcrisis periods compared to the pre-crisis period; though these sensitivities do not differ for market-oriented and bank-oriented financial systems.

read publication
cover_the-review-of-corporate-finance-studies.png

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication
cover_journal-of-international-money-and-finance.png

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication
cover_The-North-American-Journal-of-Economics-and-Finance.gif

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication
cover_journal-of-management.png

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.

read publication

Media Centre

cover_ReviewOfEconomicDynamics_January_2020.png

Involuntary Unemployment and the Business Cycle

Lawrence J. Christiano Mathias Trabandt Karl Walentin

in: Review of Economic Dynamics, forthcoming

Abstract

Can a model with limited labor market insurance explain standard macro and labor market data jointly? We construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the business cycle. To illustrate key features of our model, we start with the simplest possible framework. We then integrate the model into a medium-sized DSGE model and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to these three shocks.

read publication
cover_regional-studies.jpg

The Regional Effects of Professional Sports Franchises – Causal Evidence from Four European Football Leagues

Matthias Brachert

in: Regional Studies, forthcoming

Abstract

We use the locational pattern of clubs in four major professional football leagues in Europe to test the causal effect of changes in premier league membership on regional employment and output growth at the NUTS 3 level. We rely on the relegation mode of the classical round-robin tournament in the European model of sport to develop a regression-discontinuity design. The results indicate small and significant negative short-term effects on regional employment and output in the sports-related economic sector when clubs are relegated from the premier division of the respective football league. In addition, we find small negative effects on overall regional employment growth. However, total regional gross value added remains unaffected, indicating that in the main it is the less productive jobs that disappear in the short-term.

read publication
cover_the-economic-journal.jpg

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication
cover_industrial-and-labor-relations-review.png

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication
cover_economics-of-transition.jpg

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication
cover_financial-markets-institutions-_-instruments.gif

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time-varying sensitivity of the bank’s equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market-wide effect. More specifically, shocks to the long-term (level) and short-term (slope) factors have a statistically significant impact on equity returns, while those on the medium-term (curvature) factor are less clear-cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and postcrisis periods compared to the pre-crisis period; though these sensitivities do not differ for market-oriented and bank-oriented financial systems.

read publication
cover_the-review-of-corporate-finance-studies.png

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication
cover_journal-of-international-money-and-finance.png

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication
cover_The-North-American-Journal-of-Economics-and-Finance.gif

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication
cover_journal-of-management.png

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.

read publication
cover_ReviewOfEconomicDynamics_January_2020.png

Involuntary Unemployment and the Business Cycle

Lawrence J. Christiano Mathias Trabandt Karl Walentin

in: Review of Economic Dynamics, forthcoming

Abstract

Can a model with limited labor market insurance explain standard macro and labor market data jointly? We construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the business cycle. To illustrate key features of our model, we start with the simplest possible framework. We then integrate the model into a medium-sized DSGE model and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to these three shocks.

read publication
cover_regional-studies.jpg

The Regional Effects of Professional Sports Franchises – Causal Evidence from Four European Football Leagues

Matthias Brachert

in: Regional Studies, forthcoming

Abstract

We use the locational pattern of clubs in four major professional football leagues in Europe to test the causal effect of changes in premier league membership on regional employment and output growth at the NUTS 3 level. We rely on the relegation mode of the classical round-robin tournament in the European model of sport to develop a regression-discontinuity design. The results indicate small and significant negative short-term effects on regional employment and output in the sports-related economic sector when clubs are relegated from the premier division of the respective football league. In addition, we find small negative effects on overall regional employment growth. However, total regional gross value added remains unaffected, indicating that in the main it is the less productive jobs that disappear in the short-term.

read publication
cover_the-economic-journal.jpg

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication
cover_industrial-and-labor-relations-review.png

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication
cover_economics-of-transition.jpg

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication
cover_financial-markets-institutions-_-instruments.gif

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time-varying sensitivity of the bank’s equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market-wide effect. More specifically, shocks to the long-term (level) and short-term (slope) factors have a statistically significant impact on equity returns, while those on the medium-term (curvature) factor are less clear-cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and postcrisis periods compared to the pre-crisis period; though these sensitivities do not differ for market-oriented and bank-oriented financial systems.

read publication
cover_the-review-of-corporate-finance-studies.png

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication
cover_journal-of-international-money-and-finance.png

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication
cover_The-North-American-Journal-of-Economics-and-Finance.gif

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication
cover_journal-of-management.png

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.

read publication
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Workshops and conferences

Online Event instead of 9th CompNet Annual Conference 2020

Keynote Speaker: Marc Melitz  Harvard University
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IWH at a Glance

Annika Backes Christiane Baumeister Tommaso Bighelli Hannes Böhm Matthias Brachert Richard Bräuer Hans-Ulrich Brautzsch João Carlos Claudio Eva Dettmann André Diegmann Andrej Drygalla Stefan Eichler Daniel Fackler Sarah Fritz Michael Ghisletti Reint E. Gropp Mirja Hälbig Iftekhar Hasan Peter Haug Katja Heinisch Boris Hirsch Florian Hoffmann Lisa Hölscher Oliver Holtemöller Sabrina Jeworrek Martina Kämpfe Aleksandr Kazakov Michael Koetter Thomas Krause Boreum Kwak Cornelia Lang Xiang Li Axel Lindner Udo Ludwig Antonios Mavropoulos William McShane Matthias Mertens Steffen Müller Isabella Müller Georg Neuschäffer Huyen Nguyen Felix Noth Verena Plümpe Adrian Maarten Rodriguez del Valle den Ouden Alessandro Sardone Christoph Schult Birgit Schultz Gregor von Schweinitz Eleonora Sfrappini Viktor Slavtchev Talina Sondershaus Ruben Staffa Moritz Stieglitz Mirko Titze Lena Tonzer Mathias Trabandt Konstantin Wagner Joschka Waibel Matthias Wieschemeyer Shuo Xia Götz Zeddies Anna Zherdeva Hua Zhou
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